SYNDIC GLOSSARY

Co-ownership terms, simply explained.

Syndic jargon doesn't have to be complicated. We explain the technical terms clearly, in plain language everyone understands.

A

Account auditor: The account auditor is the person who checks the financial documents of the association of co-owners and reports on them to the general meeting. The auditor is appointed by the general meeting and can be a co-owner or an outsider, but is never the syndic. You come across this term when the annual accounts are being prepared and when discharge is discussed.
Advance payment: An advance payment (provision) is a sum co-owners pay in advance towards the common costs. That way, the association of co-owners has enough money to pay invoices during the year. At the general meeting, the budget for the coming financial year is set. Based on that, it's calculated how much each owner must contribute, according to their shares (quotas). These advance payments are requested at fixed times, for example every quarter or every year. In the statement of accounts, it's checked whether the advance payments requested were enough to cover the actual costs. The advance payments determine how much money the association has available during the year.
Agenda: The agenda is the list of topics or items the general meeting will discuss and decide on. Only items on the agenda can be validly decided, because co-owners must know in advance what they'll be voting on. The approved agenda also forms the basis for the minutes.
Allocation key: An allocation key is the way the association of co-owners splits costs among the co-owners. An allocation key is usually laid down in the deed of division and can differ per type of cost (for example for lift costs or heating). Allocation keys matter because they determine who pays which part, even when not everyone uses the same facilities. A common allocation key is one based on the shares (quotas): everyone pays according to their share.
Annual accounts: The annual accounts are the yearly financial overview of the association of co-owners for the closed financial year. They bring together the key figures, such as the balance sheet and the income statement, and form the basis for the year-end statement of accounts. The annual accounts are submitted to the general meeting, and the decision to approve them is recorded in the minutes.
Articles of the association: The articles of the association of co-owners are the deed of division, the house rules and the co-ownership regulations together. They lay down how the building is legally structured and how the association works. The articles are relevant in discussions about allocation keys, use, rights and obligations.
Assets (accounting): Assets are everything the association of co-owners owns or is owed, such as money in the bank account, outstanding receivables or other possessions. Assets appear on the balance sheet and are read together with liabilities. They help you understand what resources the association has at that moment.
Association of co-owners (ACP/VME): An association of co-owners is the legal entity, with a company number, made up of all the co-owners of a building with common parts. It manages the building, takes decisions through the general meeting and pays the common costs. The association matters because it's the framework within which you decide, pay and record agreements.
Attendance quorum: Synonym: quorum The attendance quorum is the minimum number of co-owners and the minimum number of shares that must be present or represented at a general meeting for it to take valid decisions. A general meeting (GM) of the association of co-owners is valid if, at the start, more than half of the owners are present or represented, together holding at least half of the shares. If the attendance quorum isn't reached, no valid decisions can be taken and a second meeting must follow. That meeting takes place at least 15 days later, and there you can take decisions regardless of how many people attend.

B

Balance sheet (accounting): A balance sheet is a financial overview showing what the association of co-owners owns (assets) and what it owes or needs to set aside (liabilities) at a given moment. The balance sheet is part of the annual accounts and is usually submitted to the general meeting for approval. It helps you understand the association's financial position at a glance.
Building insurance policy: A building insurance policy is the (fire) insurance the association of co-owners takes out for the entire building and sometimes (depending on the policy) certain private risks too. What is and isn't covered depends on the policy terms and guarantees. The building policy becomes relevant in case of damage, repairs, discussions about cover and when opening a claim file.

C

Claim file: A claim file is the full set of documents and communication about a damage incident, such as photos, reports, quotes and insurance papers. It's relevant when following up repairs and in contacts with the insurer. A good claim file prevents discussion and speeds up handling.
Co-ownership (forced / voluntary / incidental): Co-ownership is the situation in which several people jointly own one property. Forced co-ownership arises automatically in apartment buildings with private and common parts, and leads to an association of co-owners. Voluntary or incidental co-ownership is more common when people buy or inherit together, and can be organised differently.
Co-ownership council: The co-ownership council is a body that can support the syndic and checks whether decisions are carried out correctly. The council is made up of co-owners and is appointed by the general meeting. Its role and whether it's mandatory depend on how the co-ownership works. The council mainly has a supervisory role. It can only take on additional mandates if the general meeting decides so.
Co-ownership regulations: The co-ownership regulations are a set of articles that lay down the rights and obligations of co-owners and give rules on use and management. They also determine how decisions are taken and carried out. Together with the deed of division, the co-ownership regulations form the legal framework of the association of co-owners.
Common parts: Common parts are the parts of the building that all co-owners own together, such as the entrance hall, stairwell, lift or roof. The association of co-owners manages and maintains the common parts through decisions of the general meeting. Common parts matter because they determine which costs are shared and which decisions are taken together.
Company number: The company number is the official number under which the association of co-owners is registered in the Crossroads Bank for Enterprises (KBO/BCE). It's relevant for administration, invoicing and official communication. You'll often see this number on documents, invoices and bank details.
Competitive tendering threshold: The competitive tendering threshold is the amount above which the syndic must request several quotes. The general meeting sets this amount to safeguard transparency and value for money. You come across this term when works or assignments are contracted out.
Credit (accounting): A credit is an accounting movement that increases an account or reduces a debt, depending on the type of account. Credit is relevant if you work with double-entry bookkeeping or read financial reports. For an association of co-owners, it mainly comes up in the accounts and the annual accounts.
Credit note: A credit note is a document that corrects a previously invoiced amount, for example after a mistake, a return or a price difference. A credit note affects the statement of accounts and must be processed correctly in the accounts.

D

Debit (accounting): A debit is an accounting movement that reduces an account or increases a debt, depending on the type of account. Debit is relevant in double-entry bookkeeping and financial reporting. For an association of co-owners, you mainly come across it in accounting overviews.
Deed of division: The deed of division (basic deed) is a notarial deed that sets out how the building is divided into private and common parts, and which shares (quotas) are linked to them. Together with the co-ownership regulations, the deed of division forms the articles of the association of co-owners. You come across it in discussions about allocation keys, common parts or voting weight. It's the association's bible.
Discharge: Synonym: Décharge Discharge is the confirmation that an obligation or responsibility has been fulfilled. In an association of co-owners, discharge is a decision of the general meeting by which it accepts the management carried out and the accounts presented for a closed financial year. By granting discharge, the general meeting confirms that the management has been checked and approved for the syndic and, where applicable, also for the account auditor. The decision to grant discharge is recorded in the minutes of the general meeting.
Double-entry bookkeeping: Double-entry bookkeeping is a system in which every transaction is recorded twice, as a debit and as a credit. It provides checks and figures that balance, and in some cases it's mandatory. This term is relevant when you follow the annual accounts, general ledger and balance sheet in detail.

E

Entry (accounting): An entry is the recording of a financial transaction such as an invoice, payment or receipt. Together, the entries make up the accounts of the association of co-owners and lead to the statement of accounts and the annual accounts. In practice, you deal with entries when you process invoices, follow up bank statements or prepare the annual accounts.
EPC: The EPC is a building's energy performance certificate and gives a score for its energy efficiency. For an association of co-owners, the EPC mainly comes up with sales, renovation plans or energy projects.
Extraordinary general meeting (EGM): An extraordinary general meeting is an extra meeting outside the annual (statutory) general meeting. It's organised when decisions can't wait, for example for urgent works or unexpected financial choices. Just as at a regular GM, the decisions of an extraordinary general meeting are recorded in the minutes.

F

Financial year: A financial year is the twelve-month period covered by the accounts, the statement of accounts and the annual accounts. The financial year sometimes coincides with the calendar year, but it doesn't have to. It matters because discharge, the statement of accounts and the annual accounts are always linked to a specific financial year.
Fixed costs: Fixed costs are costs set in advance that don't vary with consumption or use. In an association of co-owners, these are often administrative or fixed management costs. Fixed costs matter for the budget, for transparency and in discussions about “what's included”.
Flat fee: A flat fee is a fixed amount agreed for a task or service, regardless of the time actually spent. In the context of an association of co-owners, it often comes up in agreements about the syndic's services or certain management tasks. A flat fee is relevant when you want to compare costs or understand “extras”.
Formal notice: A formal notice is an official letter asking someone to meet an obligation within a set period. For an association of co-owners, this mainly comes up with works that haven't been carried out or with payment problems. A formal notice is relevant when you want to communicate formally and clearly about follow-up.

G

General ledger: The general ledger is the overview of all ledger accounts in which the financial transactions of the association of co-owners are kept. It's relevant when you want to understand the annual accounts or analyse costs by category. In practice, you use the general ledger to see where the money went.
General meeting (GM): The general meeting is the highest decision-making body of the association of co-owners, and all co-owners are invited to it. The general meeting decides on management, maintenance, costs, budgets and mandates such as appointing the syndic. Decisions of the general meeting are recorded in the minutes, because the minutes prove afterwards what was decided.

H

House rules: The house rules contain practical agreements about day-to-day living together and the practical running of the general meeting. The house rules supplement the articles and must not contradict them. This term is relevant for rules of living, complaints and practical agreements.

I

Income statement: The income statement gives an overview of the costs and contributions of the association of co-owners over the financial year. An association of co-owners doesn't aim to make a profit: any surplus or shortfall is settled with the co-owners through the statement of accounts.
Interim syndic: An interim syndic is someone who temporarily takes on the management of the association of co-owners when there is no permanent syndic (yet). An interim syndic is appointed by a decision of the general meeting, which must be recorded in the minutes stating the length of the appointment. An interim syndic is mainly relevant when a new association is set up, when a syndic stops or is replaced, or while waiting for a new appointment.
Inventory: An inventory is an overview of the goods and possessions of the association of co-owners, such as keys, equipment or installations. An inventory is relevant when handing over to a new syndic, or in case of damage and maintenance. It helps keep “what we have” and “what's missing” clear.

L

Ledger account: A ledger account is a specific account in the general ledger that collects one type of cost or income, such as “lift maintenance”, “stairwell cleaning” or “insurance”. Ledger accounts let you group and compare costs. For example, all the cleaning team's invoices are grouped under the ledger account “stairwell cleaning”, so at the end of the year you can easily see how much the stairwell upkeep costs. You come across this in financial reports and when preparing the statement of accounts.
Liabilities (accounting): Liabilities are the obligations and debts of the association of co-owners, such as unpaid invoices or provisions set aside. Liabilities appear on the balance sheet opposite the assets. They help you understand what obligations still exist besides the money that's already available.
Liability: Liability is the legal responsibility when damage occurs or when agreements and obligations are not properly met. In an association of co-owners, liability can lie with the association itself, with the syndic or with an individual co-owner, depending on who had which task and what was decided. In practice, it helps when decisions are clearly taken and recorded, because afterwards that determines who was responsible for what.
Liability insurance: Liability insurance covers damage caused to third parties by mistakes or negligence in management. In the context of an association of co-owners, this is often about the liability of the syndic or of the association in case of negligent management. Liability insurance reduces risks, but it doesn't replace careful management or clear decisions.

M

Matching (reconciliation): Matching is the process of linking payments to invoices and checking bank transactions against what's in the accounts. Matching lets you see which invoices have been paid, which are still outstanding, and whether there are any duplicate or incorrect entries. It's especially relevant when preparing the statement of accounts.
Minimum standard chart of accounts: The MAR is a standardised scheme for booking costs and income in a uniform way. It can help you compare figures and report finances clearly.
Multi-year maintenance plan: A multi-year maintenance plan schedules the maintenance and renewal of the common parts over several years. It helps make future costs predictable and build up a budget in time. It's especially relevant for larger works and for setting the reserve fund and priorities.

P

Peppol: Peppol is a European network for sending and receiving electronic invoices securely. Peppol matters because more and more suppliers send invoices through this network, and systems need to be able to connect to it.
Private parts: Private parts are the parts of the building owned exclusively by one co-owner, such as a flat or garage. In principle, private parts are the owner's responsibility, unless the articles or decisions say otherwise. The distinction between private and common determines who pays and who decides.
Professional syndic: A professional syndic is a syndic who does this as a profession and for a fee. A professional syndic is appointed by the general meeting and works within a contract and legal obligations. A professional syndic must be licensed by the BIV/IPI (the Belgian Professional Institute of Real Estate Agents).
Proxy: A proxy is the authorisation by which a co-owner lets someone else attend and vote on their behalf at the general meeting. A proxy determines who represents someone and counts towards attendance and votes. Proxies are recorded and checked as part of the meeting and are, in practice, often kept as an annex or in a register.
Proxy holder: A proxy holder is someone authorised by a co-owner to act on their behalf.

Q

Quorum: See Attendance quorum

R

Release (of liability): See Discharge
Reserve fund: The reserve fund is the amount set by the general meeting to pay for larger, non-annual expenses. It's built up through contributions from co-owners and may not be used for day-to-day costs. A reserve fund isn't optional, by the way: every association of co-owners is legally required to set aside at least 5% of the common costs each year. The fund keeps larger works financially feasible and strengthens the building's stability.

S

Share: Synonym: quota (quotiteit) Your share is the part of the co-ownership that is linked to your property. A share determines how much you contribute to the common costs and how much weight your vote carries at the general meeting. The shares of every part of the building — flats, shops, parking spaces, storage rooms, etc. — are set out in the deed of division. Every co-owner signs the deed of division in agreement when buying the property. Shares are usually expressed in thousandths or ten-thousandths.
Share quota: See Share
Statement of accounts: The statement of accounts is the calculation that compares the advance payments made (also called provisions) with the actual costs. Based on the statement, a surplus is refunded or co-owners top up the shortfall. The statement of accounts is typically discussed and approved at the (statutory) general meeting, together with the annual accounts.
Statutory: Statutory means that something is laid down in the articles of the association of co-owners and is legally binding. Statutory rules apply to all co-owners and form the basis on which decisions and cost splits are applied. Statutory rules can only be changed by a decision of the general meeting, with the majority required by law, and must be officially recorded.
Statutory meeting: The statutory meeting is the mandatory annual general meeting of the association of co-owners. It covers fixed key items such as the annual accounts, the statement of accounts, budgets and mandates. The decisions of the statutory meeting are recorded in the minutes.

U

Unit (lot): A unit is a private part within the co-ownership, such as a flat, garage or storage room. Units matter because they are linked to shares (quotas) and to allocation keys. Discussions are often about “which units pay for what”.
Utilities: Utilities are services such as water, gas and electricity that the building uses. They matter because they often make up a large part of the common costs and come back in the statement of accounts. Discussions are often about how they're split, meters and recharging.

V

Volunteer syndic / Owner-syndic: A volunteer syndic is a co-owner who takes on the management of the association of co-owners without a professional title and usually without payment. A volunteer syndic is appointed by the general meeting and works within the same statutory and legal framework. This term is relevant for small buildings where self-management is practical and affordable.

W

Working capital fund: The working capital of an association of co-owners is the amount set by the general meeting to finance its day-to-day management. The working capital is set when the association is created and afterwards confirmed or adjusted at least once a year, together with the budget. It's requested through the advance payments and used for running expenses such as maintenance, small repairs and utilities. At the end of the financial year, it's settled based on the actual costs. The permanent working capital of an association of co-owners is a one-off payment by owners when they buy, which serves as a permanent financial buffer in the current account. It absorbs seasonal shortfalls or unexpected peaks in invoices, so the association doesn't depend on periodic advance payments. It can be set up when the association decides so at a general meeting.

Y

Year-end statement of accounts: The year-end statement of accounts is drawn up at the end of the financial year based on the actual costs. It's usually discussed together with the annual accounts at the annual general meeting. It determines whether co-owners get money back or have to pay extra.

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